Turkish President Rails Against ‘War’ on Turkish Economy

12/08/2018

Turkey's financial crisis and further US pressure spurred more concern among investors as fears appeared to spread to American markets.

President Trump's discarding of the Iran nuclear deal is a point of contention, as well, as almost half of Turkey's oil imports come from Iran, meaning new sanctions against Iran come back and hurt the Turkish economy as well.

The announcement pushed the weakening Turkish lira down further on a day when it had already hit a record low against the dollar, but Mr Erdogan remained defiant.

US President Donald Trump said on Friday he had doubled steel and aluminium tariffs on Turkey, adding to pressure on its troubled economy amid a diplomatic row with Washington.

He said: 'There is definitely contagion from Turkey across emerging markets. Financial upheaval risks further destabilising an already volatile region.

He did not offer an explanation for the tariff hike, which raises the tariffs to 20 percent on aluminum and 50 percent on steel, though there are a couple of possibilities. The White House said he had authorized them under asection of US trade law that allows for tariffs on nationalsecurity grounds.

Turkey's trade ministry said the tariffs were against World Trade Organisation rules.

Turkish President Recep Tayyip Erdogan warns his country's partnership with the United States might be in "jeopardy" as tensions intensify between the two North Atlantic Treaty Organisation allies.

The latest escalation between Ankara and Washington was denounced by the Turkish press, with pro-government daily Sabah saying "the currency attack" was no different from the attempted coup of July 2016. And swift currency swings or securities-market routs can catch banks' traders off guard, saddling them with losses while trying to facilitate client transactions.

Turkish President Tayyip Erdogan talks to media in the Black Sea city of Ordu, Turkey August 11, 2018.

Mr Erdogan said although the nations had been allies for decades, Turkey "now has alternatives".

"If there is anyone who has dollars or gold under their pillows, they should go exchange it for liras at our banks", he said during an address to supporters. It is host to a critical part of the Western alliance's missile defence system against Iran.

Mr. Erdogan says the coup was orchestrated from the United States, and specifically by a Muslim cleric, Fethullah Gulen, from his self-imposed exile in Pennsylvania. Gulen denies the allegation.

US President Donald Trump wrote on Twitter late last month that his country "will impose large sanctions on Turkey for their long time detainment of Pastor Andrew Brunson".

Halkbank has said that all of its transactions were lawful.

Erdogan enjoys the support of many Turks even though food, rent and fuel prices have all surged.

"Confidence needs to be regained". "This will be the response to those who have declared an economic war". As the currency drops, Turkish companies and households with debt in foreign currencies see the cost of repaying those loans expand.

In modern economies, central banks are meant to be independent of governments to make sure they set policies that are best for the economy, not politicians.

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